Groups refute Isa and Peps closure claims

Claims that the abolition in April of the equity tax credit on Isas has led to an increase in Pep an...

Claims that the abolition in April of the equity tax credit on Isas has led to an increase in Pep and Isa closures are wholly untrue, according to groups such as New Star and Jupiter. Earlier this month, private client stockbroker Reyker Securities claimed it had witnessed an 86% increase in Pep and Isa plan closures since 5 April this year, compared with the same period last year. The company also stated it had seen a 57% drop in new Isa monies subscribed and attributed the fall-off to the recent withdrawal of the tax credit. However, Bill Vasillieff, marketing director at Selestia, be...